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Bank of France head does not expect Evergrande contagion By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Francois Villeroy, Governor of France at the G7 Finance Ministers and Central Bank Governors Meeting in Chantilly (near Paris), France, July 18, 2019 REUTERS/Pascal Rossignol

LONDON, (Reuters) – Francois Villeroy De Galhau (head of Bank of France), a member of European Central Bank (ECB), reacted to concerns about a wider contagion if China Evergrande Group problems are not addressed.

Villeroy, when asked if Evergrande would have effects comparable to that of 2008’s collapse at Lehman Brothers in 2008, told France Info radio “history is not being repeated”.

He said, “I believe that Evergrande primarily a Chinese issue.”

Last week, Evergrande missed the third round of bond payments within three weeks.

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